Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.

Status update - December 29, 2018

Aqroinvest Credit Union has consistently faced serious difficulties following economic turmoil and currency devaluation in Azerbaijan, and despite efforts to address these issues it was unable to make sufficient payments on obligations to its funders. After over 2 years of working alongside a group of other investors to recover funds, Kiva has determined that the outstanding balance is unrecoverable. Aqroinvest has $340,750.63 in outstanding loans which will be defaulted and the partnership closed. Aqroinvest was a partner with Kiva for 11 years, during which time the organization successfully raised and repaid over $6 million in loans to Kiva lenders. We thank lenders for their support and understanding.

Status update - August 7, 2017

Due to economic difficulties in Azerbaijan, Aqroinvest Credit Union continues to face serious operational and financial issues that threaten the organization's sustainability and has failed to meet its payment obligations to Kiva lenders since July 2016. Kiva is collaborating with a group of lenders to continue pursuing recovery of all outstanding funds and will pass those funds on to lenders if and as they're received.

Status update - February 3, 2017

Kiva has paused Aqroinvest’s ability to fundraise new loans on the Kiva platform. Due to economic difficulties and the currency devaluation in Azerbaijan, Aqroinvest is facing a current inability to access liquid assets, such as cash or short-term borrowing, and has been unable to repay Kiva lenders for repayments made by Kiva borrowers. Kiva is collaborating with a group of investors to work toward recovering funds owed by Aqroinvest, and will post additional updates as they become available. Aqroinvest staff has been communicative and transparent throughout this process.

Status update — May 23, 2016

Kiva recently re-assessed the level of risk associated with loans from this Lending Partner. As a result, Aqroinvest's risk rating is now listed as 1 star instead of 3 stars. The primary reason for this change in rating is the unstable economic situation following currency devaluations of 33% and 48% in February 2016 and December 2015 respectively, which is leading to a partial collapse of the financial sector in the country. Aqroinvest remains in good standing with Kiva and is continuing to support borrowers in Azerbaijan.

Partner description:

Aqroinvest Credit Union was founded in 2001 by a group of 32 farmers from Imishli. It has since grown to become the largest credit union in Azerbaijan, owned by its more than 5,400 borrowers and boasting a portfolio of nearly US$12 million.
AqroInvest’s vision is to promote and lead best practices and sustainability of our members by providing viable financial services as well as playing an important role in the financial sustainability and economic well-being of Azerbaijani people. 
AqroInvest`s goals are:
  • Provide high quality and efficient service to our clients
  • Develop and conduct social performance analysis to maximize our impact in the community
  • Provide IDPs and rural poor with favorable loan conditions
  • Expand activity to one new region of Azerbaijan every year, including rural villages and IDP camps
  • Provide professional training to our staff to improve their knowledge/skills using well-known and reputable training organizations
  • Become one of the best known (both at home and internationally) credit unions in Azerbaijan via our strong policies and human factors
  • Attract international investment to increase our portfolio and provide viable financial services
A unique lending approach:

AqroInvest is focused on providing loans to the following groups of people: rural farmers, people living in distant southern villages with little or no access to finance and internally displaced people and refugees, many of whom lost their homes and livelihoods during the violent conflicts in the 1990s.
AqroInvest currently operates in 10 branches in rural regions of Azerbaijan. As of today, it has 3,648 active members, 28% of whom are refugees, 35% women, and 41% farmers.
In May 2011, Aqroinvest started a new project with Kiva proving higher education loans to students. The project gives students the support and financing they need to continue their education and helps pay for tuition fees at various universities in Azerbaijan. Aqroinvest is the first credit union in the country to offer students loans. 
Aqroinvest is a member in good standing with the Azerbaijan Microfinance Association and with the Ministry of Economic Development. In 2012 AqroInvest was recognized as the best local microfinance organization in Azerbaijan for its outstanding work with IDPs and rural farmers by the president of the country.
Aqroinvest can be contacted via email at You can join its Kiva lending team, Aqroinvest Dostları (Friends of Aqroinvest), and become a fan on Facebook.

Repayment Performance on Kiva

    This Lending Partner All Kiva Partners
  Start Date On Kiva May 8, 2007 Oct 12, 2005
Total Loans $6,533,700 $1,958,960,270
Amount of raised Inactive loans $0 $198,810
Number of raised Inactive loans 0 174
Amount of Paying Back Loans $0 $161,515,145
Number of Paying Back Loans 0 189,106
Amount of Ended Loans $6,533,700 $1,768,242,580
Number of Ended Loans 4,418 2,370,068
Delinquency Rate 0.00% 12.15%
Amount in Arrears $0 $12,196,492
Outstanding Portfolio $0 $100,379,645
Number of Loans Delinquent 0 72,762
Default Rate 5.23% 1.83%
Amount of Ended Loans Defaulted $341,840 $32,307,398
Number of Ended Loans Defaulted 445 84,791
Currency Exchange Loss Rate 2.35% 0.50%
Amount of Currency Exchange Loss $153,463 $11,998,745
Refund Rate 3.12% 0.54%
Amount of Refunded Loans $204,150 $10,526,300
Number of Refunded Loans 106 9,596

Loan Characteristics On Kiva

    This Lending Partner All Kiva Partners
  Loans to Women Borrowers 31.48% 78.24%
Average Loan Size $1,488 $392
Average Individual Loan Size $1,480 $589
Average Group Loan Size $16,158 $1,891
Average number of borrowers per group 2.7 8.3
Average GDP per capita (PPP) in local country $10,800 $5,599
Average Loan Size / GDP per capita (PPP) 13.78% 7.00%
Average Time to Fund a Loan 14.61 days 8.93 days
Average Dollars Raised Per Day Per Loan $101.83 $43.86
  Average Loan Term 15.4 months 11.47 months

Journaling Performance on Kiva

    This Lending Partner All Kiva Partners
  Total Journals 1,741 1,178,680
  Journaling Rate 18.83% 42.25%
  Average Number of Comments Per Journal 0.05 0.02
  Average Number of Recommendations Per Journal 1.23 0.57

Borrowing Cost Comparison (based on 2014 data)

    This Lending Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 18% PY 29.00% PY 27.02% PY
  Profitability (return on assets) 0.8% 4.7% -3.10%
  Average Loan Size (% of per capita income) N/A 27.00% 0.00%

Country Fast Facts

Lending Partner Staff